Credit card repayment holiday
If you’ve already had a credit card repayment holiday and continue to be impacted by Covid-19, please visit www.tsb.co.uk/cardsfurtherhelp.
If you’ve not had a repayment holiday before:
- You need to be up to date with your credit card repayments or have missed no more than one payment.
- The account should be held in your name.
- You must not be in the process of making a credit card protection insurance claim.
- If we have written to you about Persistent Debt you are still able to request a repayment holiday.
- If you have missed more than one payment to your credit card you will not be automatically eligible for a repayment holiday, please contact us on 0345 600 8972 to speak to one of our Partners.
We pride ourselves on being a responsible lender
Repayment holidays are only temporary and not intended to help solve longer term money troubles, so if you’re struggling to make your monthly repayments, please get in contact with us. We have a range of options that may be able to help you.
Important information to think about before you request a repayment holiday
If you pay interest on your credit card
- Your balance at the end of a 3-month repayment holiday will have increased from £5,000 to £5,286.
- Your minimum monthly payment will have increased from £144 to £152.
- Interest will continue to accrue on your balance, and you'll pay more interest overall because your balance will be higher
- At the end of the holiday, the minimum payment will be higher than you would normally see as interest will continue to be charged on your balance. It will also be higher if you spend on your card during the repayment holiday.
- If you find you can make any payments to your card during this time, please do so because this will help reduce the extra interest you'll have to pay. Making any payments will not affect the rest of your repayment holiday term.
Illustrations of the potential increase in balances and minimum payments as a result of a 3-month credit card repayment holiday
1. A credit card balance of £5,000 with an interest rate of 24.95%, assuming no spend*
- Your balance at the end of a 3-month repayment holiday will have increased from £5,000 to £5,286.
- Your minimum monthly payment will have increased from £144 to £152.
2. A credit card balance of £15,000 with an interest rate of 29.95%, assuming no spend*
- Your balance at the end of a 3-month repayment holiday will have increased from £15,000 to £16,015.
- Your minimum monthly payment will have increased from £481 to £514.
3. A credit card balance of £5,000 with an interest rate of 24.95%, assuming a monthly spend of £200 on the card*
- Your balance at the end of a 3-month repayment holiday will have increased from £5,000 to £5,909.
- Your minimum monthly payment will have increased from £147 to £174.
*Please note that we strongly recommend that you do not spend on you card unless absolutely necessary during the repayment holiday as this will increase the length of time it will take you to repay your balance.
How the repayment holiday works
- Taking a repayment holiday at this time will not be reported as a missed payment on your credit file. However, please note that other factors may affect your credit file or your ability to obtain credit.
- You can continue spending on your card, up to your credit limit. If you go over your credit limit, you will be charged £12 which will be added to your credit card balance and this will have a negative impact on your credit record.
- Deferring your payments in this way will mean that it may take longer to repay your credit card balance.
- If your request for a repayment holiday is approved and you have already missed one payment to your credit card, the month in which this was due will be treated as the first month of your 3-month repayment holiday extension. This means that your account will no longer be in arrears and we'll remove the missed payment from your credit record.
- If your request for a repayment holiday is approved you do not need to cancel your Direct Debit as we will not take the payment during the repayment holiday. However, if you have a payment due within the next 7 working days and are worried that you cannot afford this payment, please cancel the Direct Debit with your current account provider. Please check with your provider whether you are able to cancel the Direct Debit, as sometimes this can’t be done if the payment date is soon, meaning it will still be taken. If you have a Direct Debit set up from a TSB current account, you would need to let us know the day before the due date of the payment. If you have set up a standing order to pay your credit card you will need to cancel it during your repayment holiday.
- At the end of the repayment holiday extension, you will need to start paying at least your minimum monthly payment again, as shown on your statement.
- If you are experiencing longer-term financial difficulties, or if you need extra help to understand how this impacts you, we are here to help, so please contact us as soon as possible.
How to request a repayment holiday
You will need to complete our online form which can be found by clicking on the button below.
We will aim to complete your request within 5 to 7 working days, excluding requests made on bank holidays and at the weekend. We will email you to confirm whether your repayment holiday has been successful and when you’ll need to start making future payments again.
Check out our privacy policy at https://www.tsb.co.uk/privacy/ for information on how your data is used.
Find out how to apply for a Credit Card Repayment Holiday